What Is Bitcoin And How Can It Help Business Owners?

What Is Bitcoin And How Can It Help Business Owners?

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If you are a business owner you have likely been asked if you accept Bitcoin as a payment method. As a small business owner you may not think that Bitcoin even applies to you—however, it can be quite beneficial on a variety of levels.

The Basics Of Bitcoin

Bitcoin is a peer-to-peer digital currency and payment system. It is an alternative way to process payments, and provides many advantages that you cannot access when processing cash or credit card payments.

Lower Overall Costs—When you process a credit card or PayPal transaction, your fees can become a large line item that reduces your profitability. However, with Bitcoin digital currency your transactions fees are either free or less than $0.40 cents per transaction.

No Middle Man—When you accept Bitcoin as a method of payment you have no bank or credit card company in the middle processing your payments. This means there is no wait to receiving your payments. There is also no worry of chargebacks or reverse payments.

Makes Processing Foreign Sales A Breeze—Exchange rates can make processing foreign currency a challenge. However, with a digital currency such as Bitcoin you ensure that the profits you make are uniform because Bitcoin is not subject to exchange rates.

These are just a few of the benefits to adding a digital currency to your payment processing options both online and in store.

To your continued success,

CHEERS!

Cynthia and Sandra Kelsey

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